ETF Comparison

BTCI vs CONY: Which Is the Better Pick in 2026?

A head-to-head comparison of NEOS Bitcoin High Income ETF and YieldMax COIN Option Income Strategy ETF covering yield, cost, risk, and income potential.

Data updated September 18, 2026

Best for

BTCIInvestors who want index call spreads structured for Section 1256 tax treatment.
CONYInvestors who want a covered-call overwrite written on the holdings themselves.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

BTCI has outpaced CONY over the trailing twelve months, posting a -28.25% total return against -35.55%. Measured from Oct 2024 — the start of shared available history — BTCI has compounded at 7.83% a year versus -17.29% for CONY. BTCI has been the steadier holding, though — annualized volatility of 40.8% against 61.4% for CONY. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD	1Y	Since Oct 2024	Volatility	Sharpe	Sortino	Max drawdown
BTCI	-10.67%	-28.25%	7.83%	40.8%	-0.92	-1.24	-48.4%
CONY	-13.83%	-35.55%	-17.29%	61.4%	-0.79	-1.11	-59.5%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Oct 2024” measures every fund from October 17, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	BTCI	CONY
Full name	NEOS Bitcoin High Income ETF	YieldMax COIN Option Income Strategy ETF
Issuer	NEOS	YieldMax
Underlying index	Bitcoin ETPs	Coinbase (COIN)
Last Close	$32.81 as of September 18, 2026	$20.91 as of September 18, 2026
Distribution rate	26.27%	74.61%
Distribution Safety Score™	51	58
Safety-Adjusted Yield	13.40%	43.27%
Expense ratio	0.98%	1.04%
AUM	$1.33B	$340M
Distribution frequency	Monthly	Weekly
Objective	Seeks to generate high monthly income with potential appreciation through bitcoin exposure.	YieldMax COIN Option Income Strategy ETF seeks current income while providing indirect exposure to the share price returns of Coinbase Global, Inc. common stock, subject to a limit on potential investment gains. The fund does not invest directly in Coinbase Global, Inc.; it uses a synthetic covered call strategy built from standardized exchange-traded options.
Asset class	Equity	Equity
Inception date	10/16/2024	08/14/2023
Beta	1.48	2.83
Last dividend	$0.7184 payable today	$0.30 payable today
Ex-dividend date	09/16/2026	09/17/2026

Bottom lineChoose BTCI if you want index call spreads structured for Section 1256 tax treatment. Choose CONY if you want a covered-call overwrite written on the holdings themselves. BTCI and CONY both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

Capped upside and premium dependence. BTCI and CONY generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Crypto volatility. BTCI sits on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

NEOS

ETFs19

Total AUM$33.6B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on BTCI.

See all NEOS ETFs

YieldMax

ETFs61

Total AUM$9.59B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.

See our curated list of related YouTube videos on CONY.

See all YieldMax ETFs

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Quick verdict

BTCI (NEOS Bitcoin High Income ETF) and CONY (YieldMax COIN Option Income Strategy ETF) are both dividend ETFs, but they take different approaches.

CONY offers the higher yield at 74.61% vs 26.27% for BTCI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

BTCI is cheaper with an expense ratio of 0.98% compared to 1.04%.

They have different reference exposures: BTCI is linked to Bitcoin ETPs while CONY is linked to Coinbase (COIN), which means their performance drivers differ.

BTCI is the larger fund by assets ($1.33B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose BTCI

NEOS Bitcoin High Income ETF

Want index call spreads structured for Section 1256 tax treatment.
Want crypto exposure that pays income rather than waiting on price alone.
Want to keep costs low — a 0.98% expense ratio vs 1.04% for CONY.
Prefer lower volatility — a beta of 1.5 vs 2.8 for CONY.

Choose CONY

YieldMax COIN Option Income Strategy ETF

Want a covered-call overwrite on the stocks the fund holds.
Want to maximize current income — CONY distributes roughly 74.61% from selling options premium, vs 26.27% for BTCI.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $218.92/month, while CONY would produce $621.75/month, at current distribution rates.

BTCI yield26.27%

CONY yield74.61%

Monthly diff on $10K$402.83

Cost & efficiency

Over 10 years on $10,000, BTCI would cost approximately $980 in fees vs $1,040 for CONY (simplified, not compounded). The $60.00 difference may be offset by yield or performance.

BTCI ER0.98%

CONY ER1.04%

Strategy & risk

BTCI tracks Bitcoin ETPs with a crypto approach, while CONY uses Coinbase (COIN) as its reference exposure with a covered call approach. Beta is 1.48 for BTCI and 2.83 for CONY, making BTCI the less volatile of the two by this measure.

BTCI beta1.48

CONY beta2.83

Fund details

BTCI is managed by NEOS (launched 10/16/2024) with $1.33B in assets. CONY is managed by YieldMax (launched 08/14/2023) with $340M in assets.

BTCI AUM$1.33B

CONY AUM$340M

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Frequently asked questions

What is the current distribution rate for BTCI and CONY?

BTCI currently distributes 26.27% and CONY 74.61%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is BTCI or CONY better for dividend income?

It depends on your goals. CONY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between BTCI and CONY?

BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto approach, while CONY (YieldMax COIN Option Income Strategy ETF) uses Coinbase (COIN) as its reference exposure with a covered call approach. They are issued by NEOS and YieldMax respectively.

Can I hold both BTCI and CONY?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is BTCI or CONY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — CONY scores 58, BTCI scores 51, so CONY's payout currently looks the more resilient of the two. BTCI has also shown lower price volatility (beta 1.48 vs 2.83 for CONY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, BTCI or CONY?

BTCI has an expense ratio of 0.98% while CONY charges 1.04%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in BTCI vs CONY generate?

At current rates, $10,000 in BTCI would generate roughly $218.92 per month ($2,627.00 annually). The same in CONY would produce about $621.75 per month ($7,461.00 annually).

Which has performed better historically, BTCI or CONY?

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Dividend dates and history

BTCI vs CONY — at a glance

Generated September 20, 2026.

BTCI holds Bitcoin ETPs directly and uses covered calls on that bitcoin exposure, generating 26.27% in annualized distributions. The key distinction: BTCI pairs direct bitcoin ownership with call selling; CONY uses pure derivatives to gain indirect Coinbase exposure while capping upside gains.

How they differ

The biggest difference is underlying asset and structure. BTCI holds actual Bitcoin ETPs and writes calls on them, maintaining direct bitcoin price exposure. CONY holds no Coinbase stock; instead, it synthetically replicates COIN exposure using only standardized call and put options, which means it never owns the underlying equity and limits gains if Coinbase rallies sharply.

Second, the yield difference is substantial. That higher payout reflects CONY's tighter call-strike parameters and the single-stock concentration risk embedded in the Coinbase options contract.

Third, volatility profiles diverge. BTCI has a beta of 1.48, reflecting bitcoin's natural swings. CONY's beta is 2.83, suggesting it amplifies Coinbase moves—partly because single-stock options decay faster and CONY's synthetic structure rebalances more frequently. BTCI also has substantially larger assets ($1.33B vs.

Who each is best for

BTCI: Fits investors seeking broad bitcoin price exposure with a systematic, monthly income overlay—those willing to tolerate 1.48-level volatility and accept that call-selling caps outsized rallies, but want direct bitcoin economic exposure underneath.

CONY: Fits investors drawn specifically to Coinbase's business (mining, trading fees, custody) rather than bitcoin itself, who prioritize current weekly income over upside capture, and are comfortable holding a single-stock derivative position with 2.83-level sensitivity to COIN moves. Historical data on how long these yields persist is limited—BTCI launched 1 year and CONY 3 years—so actual distribution sustainability through a full market cycle remains untested.

Single-asset and sector concentration. CONY holds synthetic exposure to Coinbase only; if COIN underperforms the broader crypto sector or equity markets, there is no diversification shelter. BTCI is concentrated in Bitcoin, which while broader than one stock, is itself a single asset class.

Synthetic options decay and rebalancing friction. CONY's call-and-put overlay requires frequent rebalancing as options expire and new strikes are sold. Each rebalance incurs slippage and assignment risk; in volatile markets, the synthetic structure may underperform holding COIN equity directly. BTCI faces similar call-assignment and roll risk on Bitcoin exposure, amplified by bitcoin's 24/7 trading.

Upside caps and call assignment. Both funds sell calls, capping gains if their underlying rallies. Investors holding CONY may miss significant Coinbase appreciation if the call strikes are breached. BTCI's call caps are less binding on Bitcoin (no single stock-driven catalyst), but a sharp Bitcoin rally still triggers assignment and income replacement friction.

Regulatory and custody risk. Crypto ETPs, Bitcoin futures, and spot Bitcoin products remain under evolving regulatory scrutiny. CONY's reliance on standardized options on COIN stock ties it to Coinbase's regulatory standing and share-price performance; any operational or regulatory event at COIN directly affects CONY's value. BTCI is exposed to Bitcoin's regulatory pathway and the stability of the underlying Bitcoin ETP providers.

Bottom line

If you seek direct Bitcoin ownership with moderate monthly income, BTCI trades upside optionality for a manageable 26.27% payout. If you want maximum current yield and have a conviction on Coinbase's business fundamentals rather than Bitcoin itself, CONY's 74.61% and weekly distributions appeal—but with the tradeoff of synthetic exposure, upside caps, and single-name concentration. Both carry untested distribution sustainability given their recent inception dates and extreme yield levels; past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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